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Wasteful Abuse of the Taxpayer Bailout Funds

By       Message Michael Chavers       (Page 1 of 2 pages)     Permalink    (# of views)   No comments

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Where is the outrage?  Have we been lulled into a trance by the victory of Barack Obama for president? 

Something must be done immediately. I urge all citizens to begin calling and writing their representatives and demand accountability and transparency to this massive public bailout of the private sector.   

I am writing my Congressman, Senators, and that fellow that still occupies the White House “not my President Bush.”  Please feel free to copy this letter or alter it to use any way you want to contact your representatives. 

You can get the email info here: 

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Letter to my representatives" 

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As a taxpayer, I am deeply concerned to learn of the wasteful spending occurring with the taxpayers Wall Street bailout money with all of the recent examples of abuse of this money in the news with Lehman Brothers, AIG, Morgan Stanley and others.  I find it unconscionable that we continue to give them any other funding without sufficient guarantees for the taxpayer of how this money is to be used.


It didn’t have to be this way.  Five days before Treasury Secretary Paulson struck his deal with the banks, British Prime Minister Gordon Brown negotiated a bailout for Britain’s Banks only he extracted meaningful guarantees for the taxpayers such as, voting rights at the banks, seats on their boards, 12 percent in annual dividend payments to the government, a suspension of dividend payments to shareholders, restrictions on executive bonuses, and a legal requirement that the banks lend money to homeowners and small businesses.

In sharp contrast, this is what we the U.S. taxpayers received with Paulson’s plan: no controlling interest, no voting rights, no seats on the bank boards and just five percent in dividend payouts to the government, while shareholders continue to collect billions in dividends every quarter. What's more, golden parachutes and bonuses already promised by the banks will still be paid out to executives - all before taxpayers are paid back.

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As a voting middle class citizen I am struggling with high prices, mortgage, insurance payments and credit card bills.  All the while these corporate executives who caused this mess to begin with are receiving posh bonuses and salaries while the government receives no guarantees on how this bailout money is to be used.  

All that is happening is a form of socialism of transferring losses from the banks and insurance industries to the public.  I for one do not wish to be an involuntary equity investor without being granted fair treatment as an investor.  

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I am a Musician, political Junkie, Father, Husband, who cares very much about the United States of America and what is being done to the Ideals and citizens of this great Nation. I want to restore the Constitution and the Bill of Rights to what (more...)

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